Accumulated Other Comprehensive Loss

The movement in accumulated other comprehensive loss during the three months ended March 31, 2018 comprised the following:



	Currency translation adjustment, net			Unrealized (loss) / gain on derivative instruments designated as hedging instruments			TOTAL Accumulated Other Comprehensive Loss
BALANCE December 31, 2017	$	(184,256	)	$	(3,182	)	$	(187,438	)
Other comprehensive income / (loss) before reclassifications:
Foreign exchange gain on intercompany loans ⁽¹⁾	1,531			—			1,531
Foreign exchange gain on the Series B Preferred Shares	7,151			—			7,151
Currency translation adjustment	3,311			—			3,311
Change in the fair value of hedging instruments	—			(731		)	(731		)
Amounts reclassified from accumulated other comprehensive loss:
Changes in fair value reclassified to interest expense	—			621			621
Changes in fair value reclassified to other non-operating income, net ⁽²⁾	—			301			301
Net other comprehensive income	11,993			191			12,184
BALANCE March 31, 2018	$	(172,263	)	$	(2,991	)	$	(175,254	)


⁽¹⁾	Represents foreign exchange gains on intercompany loans that are of a long-term investment nature which are reported in the same manner as translation adjustments.

⁽²⁾

We expect to repay a portion of the 2019 Euro Term Loan with the expected proceeds from the Divestment Transaction (see Note 5, "Long-term Debt and Other Financing Arrangements"). This anticipated reduction of principal amounts owing in respect of the 2019 Euro Term Loan will reduce future interest payments that the interest rate swap maturing on November 1, 2019 is designed to hedge. To maintain the effectiveness of the interest rate swap, we have dedesignated a portion to align the notional amount of the instrument with the 2019 Euro Term Loan principal we expect to remain after the application of Divestment Transaction proceeds. For the dedesignated portion, all changes in fair value and those previously recognized in accumulated other comprehensive income / loss are recognized in other non-operating income, net in our condensed consolidated statements of operations and comprehensive income / loss (see Note 12, "Financial Instruments and Fair Value Measurements"